Attics are becoming a popular space for renovations. More homeowners are realizing the potential of turning an attic into a bedroom, whether it becomes a master suite or your new guest space or perhaps your own office. But, before you start calling contractors, what do you know about the cost versus value of that project?
Why cost versus value matters
Cost versus value is a report released annually by Remodeling Magazine. It compares the average cost of a project to how much value you add to your home. That “value” is how much more your home is worth after the project is complete. Naturally, if you are hoping to sell you should consult a real estate professional. While you may add value, the market may not allow you to sell your home for that much. Therefore, it is best to have a market comparison done.
That being said, you also need to look at how much of your project cost you recoup in value. While a lot of projects yield positive returns, it depends on your region, and you may find your project sitting at a loss. This is important, especially if you are financing the project.
What is the cost versus value for an attic renovation in San Francisco?
In San Francisco, homeowners have paid an average of $58,550 to turn an attic into a one bedroom, one bathroom area. This also includes the cost to extend the HVAC system, stairs, and other electrical wiring up to the new space. But, they have earned $59,815 in value or 102% of the cost. That means you not only recoup all of your costs, but you also earn a little bit of a profit. Compared to the national average, San Francisco is very favorable. Nationally, homeowners paid an average of $49,438 and only recouped $41,656 or 84.3%.
How to decide
Only you can decide what projects are worth it for your property. If you are adding an attic bedroom just to sell in a few years, you may not want to go through all the hassle. However, if you are planning on staying in your home for a while, then you could benefit from the added square footage. If you’re unsure whether you should convert your San Francisco attic, consult a professional to help you with your decision.
Top Image Credit: Rossington Architecture
